Report : Truck axle Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Rigid Axles, Drive Steer Axles, and Non-Drive Steer Axles) and Application (Light-Duty Trucks, Medium-Duty Trucks, and Heavy-Duty Trucks)
According to the new research report titled “Truck Axle Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 2032.00 million in 2020 million by 2028, registering a CAGR of 4.9% from 2020 to 2028
The automobile industry is evolving with innovations in product offering to support electric mobility. The rising demand for lightweight axles and e-axle to enhance truck fuel efficiency and performance is propelling the market growth. Advent of electric trucks in the global market created lucrative opportunity for the market players to develop new electric axles for electric trucks. Governments of various countries are imposing specific regulations on truck loading capacity, thus compelling to this norm with efficient solution companies developing advanced axle solutions to effectively balance the truck load. New advancements in axle designs, weighing capacity, and material are introduced by truck manufacturers. Moreover, new technologies are being integrated by truck axle manufacturers to improve fuel efficiency and truck performance. The truck axles are gaining major adoption from the regions such as North America, Europe, and Asia, while remaining countries from the Middle East & Africa and South America regions might be potential markets during the forecast period.
Key Findings of Study:
The global truck axle market is fragmented into five major regions—North America, Asia Pacific (APAC), Europe, Middle East & Africa (MEA) and South America (SAM). The market in APAC is projected to experience a significant growth and is projected to grow at the highest CAGR during the forecast period, owing to the strong presence of automobile industry and supportive government policies. The region has strong dominance of truck and component manufacturers industries.
Nevertheless, significant strategic initiatives by several industry players are observed in the market; for instance, in August 2020, considering efficiency along with passenger comfort, the AAM company has developed a new Independent Rear Drive Axle (IRDA). This latest design consists of a light-weight aluminum carrier housing along with a low-offset hypoid gear set to provide better performance and efficiency.